Flagship

Putin sets tough terms for ceasefire

Russian President Vladimir Putin said he was open to the “idea” of a 30-day ceasefire in Ukraine, but only on several conditions. Ahead of his meeting with a White House envoy Thursday, Putin hinted at wanting limits on weapons deliveries to Ukraine during a potential truce, and pushed for major Western concessions. Ukrainian President Volodymyr Zelenskyy called Putin’s comments “very manipulative,” while US President Donald Trump described them as “promising.” Putin’s “maximalist” demands, as one Russia expert said, signal that Moscow could be slow-walking negotiations, biding for time as its troops make battlefield progress.

Trump threatens EU with more tariffs

US stocks sank further Thursday after President Donald Trump threatened 200% tariffs on European alcohol and the government approached Friday’s shutdown deadline with no budget deal in place. The S&P 500 closed down 10% from last month’s record high, following the tech-heavy Nasdaq into official “correction” territory. For now, Trump is asking CEOs to trust that the short-term upheaval is worth it for long-term economic gain, Semafor’s Liz Hoffman wrote. The business community “likes Trump’s strategy, but is iffy on the tactics (tariffs), nervous about the up-front costs (a potential recession), and skeptical of his ability to execute.”

India braces for more steel imports

India is preparing for a surge in steel imports after US President Donald Trump’s tariffs on the metal went into effect, threatening to further push down prices there. Analysts predict that Trump’s 25% duties will force major steel producers like Japan, South Korea, and China to pivot from the US to India, where the metal’s prices are already low partly because of an influx of cheap finished steel from China, Nikkei reported. New Delhi is considering safeguard duties following local producers’ concerns about steel dumping. The ramifications of Trump’s tariffs could also affect India’s efforts to produce steel more cleanly: The government expects annual steel production to more than double in the next five years amid rapid urbanization.

Tesla takes a hit in China

Chinese customers are souring on Tesla in the face of intense local competition and criticism over CEO Elon Musk’s politics. Tesla sales in the world’s largest car market are down so far this year as drivers lean toward more affordable Chinese EVs. Musk is largely admired in China, but his deepening embrace of US President Donald Trump — who showcased Teslas at the White House this week to support his close advisor — could also dent the brand overseas, some analysts warned. The head of China’s Passenger Car Association said some now view Tesla as political: “This is the unavoidable risk that’s come after [Musk] got his personal glory.” Tesla sales have also dipped in Europe, the US, and Australia.

The ‘power of scandal’ diminishes

The age of Donald Trump has killed the tradition of American political scandals and their potential to reform governance, a former White House counsel argued. Under Trump’s second term, “what might have been deemed scandalous at another time… is instead a governing program,” Bob Bauer, who worked under President Barack Obama, wrote in The Atlantic. Trump’s stretching of presidential power, attacks on the media, and disregard of norms around profiting from the office have weakened the “corrective power of scandal” that has historically led to meaningful government changes. But even sans scandal, voters could begin to resent Trump’s leadership style if he fails to deliver on kitchen-table issues: “Monarchical ambition can founder on the price of eggs and bacon.”

Berlin’s ‘best-kept’ COVID secret

Germany’s spy agency concluded years ago that COVID-19 was likely caused by an accidental lab leak in China, but officials shielded the findings from the public, German media reported Thursday. An investigation from the BND foreign intelligence service that relied on unpublished data and internal documents from Chinese researchers put the likelihood of a lab leak at 80% to 95%. The revelations are “both fascinating and explosive from a scientific and historical, as well as a political, perspective,” the Süddeutsche Zeitung newspaper wrote, and were reportedly shared with the former and incumbent governments, raising questions about their handling of what was arguably “Berlin’s best-kept secret.” Former Chancellor Angela Merkel denied the allegations.

Apple blogger chastises Siri AI delay

A longtime Apple pundit launched a scathing attack of the company’s delay of its AI overhaul for Siri. Last year, Apple teased “personalized” AI updates to its voice assistant, but recently announced, without explanation or details, that their rollout would be delayed. Apple doesn’t typically over-promise and under-deliver, so the debacle dents its credibility and is “a sign of a company in disarray, if not crisis,” John Gruber wrote in his Apple blog Daring Fireball. Apple only showcased the features in ads and “concept videos,” rather than real demos, raising a red flag, Gruber noted, and calling into question CEO Tim Cook’s leadership and the company’s general direction on AI.

The World Economy Summit 2025 will bring together US Cabinet officials, global finance ministers, central bankers, and over 200 CEOs of the world’s largest companies. The three-day summit will take place April 23–25, 2025, in Washington, DC, and will be the first of its kind since the new US administration took office. Featuring on-the-record conversations with top executives such as Domenic Dell’Osso, Jr., President and CEO, Expand Energy; Andrés Gluski, President and CEO, The AES Corporation; Mike Henry, CEO, BHP; Mark A. Nelson, Vice Chairman, Chevron; Güliz Öztürk, CEO, Pegasus Airlines; and Raj Subramaniam, President and CEO, FedEx Corporation, the summit will advance dialogues that catalyze global growth and fortify resilience in an uncertain, shifting global economy.

April 23-25 | Washington, DC | Learn More

Unlikely car supplier dominates in UK

One in every five new cars sold in the UK in 2024 was bought by a single company that serves people with disabilities. The number of Britons on disability benefits has shot up in recent years, and Motability — UK’s largest car-fleet operator — leases them cars, taking payment directly from the government. After three years it sells the cars to dealerships, which have come to depend on it as a source of low-mileage autos from budget Kias to high-end BMWs. Lenders know the company is paid by the state, so it has been able to borrow cheaply. But Motability’s dominance may be under threat, Bloomberg reported: The government is reviewing disability benefits, so its funds may dry up.

Butterflies’ numbers fall in US

Butterflies are suffering a “catastrophic” decline in the US, new research suggested. Their numbers have fallen 22% in 20 years in the contiguous 48 states, a review of 35 different monitoring programs found, under pressure from shrinking habitats, rising temperatures, and pesticides. Insect declines have also been recorded in Europe and elsewhere. The study contradicts some earlier research, and one scientist told The Washington Post that he was skeptical of its most alarming claims, but he agreed that butterflies have “undergone large declines.” Butterflies are important pollinators, and their collapse could have profound impacts on crops and wild plants.

Donatella steps down at Versace

Donatella Versace is stepping down as creative director of Versace after nearly 30 years. The iconic designer, who took over the fashion house after her brother Gianni was murdered in 1997, will transition to an honorary brand ambassador role. Donatella, who started off without any formal fashion training, defied industry expectations and “wore her struggles — with personal tragedy, self-doubt, finding her creative feet, and drugs — with as much aplomb as her long platinum hair,” The New York Times’ fashion critic wrote. The transition comes at a time of great upheaval throughout the fashion world; a record number of luxury houses — including Maison Margiela, Jil Sander, and Gucci — have shuffled their top directors in the last year.

March 14:

• The EU publishes its fourth-quarter labor market figures.
• Deadline for US lawmakers to extend funding and avoid a federal government shutdown.
• Math enthusiasts worldwide celebrate Pi Day.

Rojak is a colloquial Malay word for “eclectic mix,” and is the name for a Javanese dish that typically combines sliced fruit and vegetables with a spicy dressing.

Flipping the script

A viral video in Japan that satirizes the job interview process highlights the country’s changing labor market. Traditionally, Japanese employers had more power over prospective candidates because of the large, qualified workforce, and could be more selective in hiring. Job interviews tended to be demanding and scrutinous.

But Japan Inc. is now a “seller’s market,” in which companies desperately need workers, giving new college graduates more power. The video by award-winning director Shinichiro Ueda, famous for an iconic 2017 zombie parody movie, pokes fun at the new dynamics: Three typical corporate types attempt to entice a job candidate, who flips the script by interviewing and admonishing them over their appearance and qualifications. The video’s virality is the latest sign that “companies had better adapt to the expectations of Gen Z job seekers,” US expat Mark Kennedy wrote in his Real Gaijin Substack.

Unparalleled Chineseness

A historic Chinese town that exhibits an unparalleled “level of Chineseness” is struggling to attract younger, digital-native tourists. Shangqiu, considered a “third-tier city” in China’s Henan province, sits on the remains of dynastic settlements spanning the last 4,000 years, and straddles the line between patriotism and nationalism, Yaling Jiang wrote in her newsletter Following the Yuan. The town showcases propaganda posters, and a local Miniso — a Chinese retail chain that usually employs Japanese-style branding — changed its sign to use Chinese characters.

But China has thousands of “cookie-cutter old towns,” Yaling wrote, many of which are often manufactured to appear more ancient than they actually are. As a result, “real ones” like Shangqiu feel less distinctive, and have been unable to capitalize on their rich history.

Concerned only with sound

A jaunt through Tokyo’s record stores reflects the city’s diverse and rich musical tapestry — and its urban planning. Japan’s capital is known for its independent record stores and vibrant vinyl scene. At one shop, Will McCartney, who writes the music newsletter Noise Narrative, found a shelf dedicated to Studio Ghibli that offered soundtracks from the iconic animation company’s titles like Castle in The Sky and My Neighbour Totoro. Another store was focused on Japanese hardcore, a popular subgenre of punk rock.

Elsewhere in the city, three record shops were located on different floors at a single address — Tokyo “works upwards rather than sideways” and is known for vertically layering street-facing commercial spaces, rather than having them all on the ground floor, McCartney noted. One of those stores felt like “a mad professor’s attic,” with stacks of records, cassettes, and CDs piled haphazardly. “To me, this is the perfect record store. Reigniting and bringing to life the ‘digging’ aspect of record shopping, concerned only with sound, not the way things look.”

A new movie fictionalizes the life of one of Japan’s most wanted fugitives, whose smiling face was plastered on the country’s police posters for decades. Satoshi Kirishima lived a double life as a construction worker, evading arrest for nearly 50 years over his alleged involvement in a radical group that terrorized Japanese corporations in the 1970s. He disclosed his true identity to hospital workers just before his death in 2024. In Escape, Japanese filmmaker Masao Adachi explores what kept Kirishima on the run, and why he blew his cover at the end. Adachi, a former member of the Japanese Red Army, has created a “spirited existential drama,” showcasing what The Japan Times called “a respectful, even admiring portrait” of the outlaw.

Jamie Dimon sharply criticized the top two proxy advisory firms, the little-known apparatuses that have become the target of business ire over their outsize influence and perceived political agendas, Semafor’s Rohan Goswami reported.

“Anyone who gives them money — shame on you,” Dimon said. The firms “should be gone and dead and done with.” Proxy advisory firms have made many powerful enemies, Goswami wrote, and forces appear to be aligning against them.